Good morning. It’s a good week already.
The Matildas are awesome. Neither Australia’s mens’ or womens’ team had previously progressed past the knockout stage of a World Cup, but this morning the Matildas did it in style with a 1-0 win against Brazil. Brazil hadn’t conceded a goal for the entire tournament, but Aussie sub Kyah Simon saw her moment and took it beautifully:
Go you good things.
To the markets, where the local had a much better Friday, with a solid rise of 1.3% to close the week. News about Greece is generally at best a second order issue for the ASX but there’s no denying its effect on global market sentiment, so it remains influential. Some indecision is evident in the local market and that’s important in a week where all the big news is going to come from offshore.
The Shanghai stock market fell 10% over the course of Thursday and Friday. There’s evidence that IPOs are dragging support away from established stocks but what is clear is that when support breaks, it really breaks. Greg McKenna reckons prices above 5000 were a bridge too far and there’s some traders still waiting for monetary policy moves which didn’t eventuate over the weekend. Either way, expect volatility.
This week in data. What happens tonight could set the tone for the week as Greece tries to strike a deal with eurozone finance ministers before the end of the month. And there’s not a lot else about, aside from a couple of releases for the US. Here’s Westpac’s excellent snapshot of all the key data and events.
Forex traders aren’t too fussed – yet. The euro is up more than 3% this month and rose more than 1 cent last week to be near 1.14 this morning. That’s been good for the Aussie, which has stayed relatively strong above 0.7750. And terrible for the Kiwi, which is still in a bit of a hole.
When you leave for a working holiday to fight ISIS. One financial trader in London got sick of seeing the horrendous crimes committed in Syria every time he switched his computer on, so instead of sending some cash over or working for a charity, he jumped into the fray by volunteering with the Kurdish People’s Defence Units, otherwise known as the YPG. “I spent five months there,” Macer Gifford told NPR. “I saw a great deal of fighting and took part in two large operations. Islamic State shot at me, I shot at them.”
Australia’s middle managers are a sad bunch. They contribute most to Australia’s weak productivity, according to one of the biggest studies into workplace engagement in Australia’s history. The research, Disengaged Nation, showed those earning between $70,000 – $150,000 a year are our least engaged workers. According to the report:
“Middle managers are sadly the meat in the sandwich. They get neither the gratification of delivery at lower levels of the organisation, nor the satisfaction of seeing their strategies carried out at the top.”
There’s more depressing results here.
Taylor Swift vs Apple. Swift announced she won’t be putting her music on Apple Music, and Apple fans quickly rounded on her, so she wrote this this letter explaining why. She didn’t need to really – Apple’s not paying artists for any music downloaded by users in their free three-month trial period. That’s disgusting whichever way you cut it, because what would you do in the trial period of a new subscription? Correct – download everything. So you get all your music, the artists get nothing, and Apple gets your loyalty and monthly cash along with the benefit of not having to shell out for the bulk of your downloads.
So you’ve won an internship at SpaceX? Congratulations, now get to work launching rockets. Elon Musk’s space exploration company gives 700 hopefuls a look inside HQ every year, and according to three we spoke to, they get thrown right in the deep end. “The best thing about working at SpaceX is the flexibility,” one said. “You can work whatever 80 hours a week you want.” They get paid, but apparently the rocket launches are the best bit.
Not all startups change the world. In fact, the vast majority of them involve a ton of free, hard work, begging and failing. Before you think about joining one, here’s nine of the harshest realities you’ll have to deal with if you want to be the next Elon Musk.
BONUS ITEM: Yesterday was Fathers Day in the US. So, this dad showed his child why the old man is just so boss:
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